To Be or Not to Be, that is the question. iOS was designed to simplify some of the aspects of computing and mobile communicating. But four letter passwords don't cut it. At all. Especially now that the iPhone5 has passport and can potentially contain hundreds of dollars worth of currency.
Mac Observers post shows you how to vastly improve the security of your device so that a thief can't redeem anything on the phone like a ticket or coupon, for instance. Obviously the device itself will still command hundreds of dollars on eBay or Craigslist unless some smart App creator figures out how to self destruct it.
Thanks to Sandra Cuccia and The Mac Observer
How to Assign a Passcode with More than Four Digits to Secure Your iOS Device - The Mac Observer